for the economist in me, i resent the fact that the author didn't include the relevant quant / charts of the macroecon factors that precipitated the various extreme situations he describes. having said that, this book does describe the aforementioned factors, as well as detailed accounts of precipitiating factors, outcomes and, sadly, reoccurrences.
if one had read this book prior to 99, one would have profited from the nasdaq meltdown. ---if that's not an endorsement, i don't know what is.
when "scuttlebutt" is one of the leading litmus tests before investing, you're dealing w/ a program that is impractical for average individual investors. but the book is quite valuable for its focus on long run investing, its 15 rules for investors (and moreso, the rules for investors to NOT follow), and its stress on conservatism in practice is very helpful.
ultimately, this book is less about security selection than it is in investing philosophy---which it excels at. that's why buffett loved it, and you may too.